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- Release Date: 09/08/13 14:23
- Summary: MEETING: SCY: SMITHS CITY GROUP - ANNUAL MEETING 27.8.13
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SCY
09/08/2013 12:23
MEETING
REL: 1223 HRS Smiths City Group Limited
MEETING: SCY: SMITHS CITY GROUP - ANNUAL MEETING 27.8.13
9.8.13
SMITHS CITY GROUP LIMITED
ANNUAL MEETING 27 AUGUST 2013
The formal Notice of Meeting and Proxy Forms have been mailed to shareholders
as previously advised (26.7.13) detailing the Business Of The Meeting - and
copies of these are included in this announcement and attached.
For further information contact Brian Lee, Chief Financial Officer 039833214
ANNUAL MEETING OF SHAREHOLDERS
NOTICE OF MEETING
The Annual Meeting of Shareholders of Smiths City Group Limited will be held
in the Balmerino Room, Riccarton Park Function Centre, Riccarton Racecourse,
Racecourse Road, Upper Riccarton at 10.30 am on Tuesday 27 August, 2013.
THE BUSINESS OF THE MEETING
ORDINARY BUSINESS
1. Annual Report - to receive the Annual Report for the year ended 30 April
2013.
2. Directors - to record the retirement by rotation as a Director and
Chairman of the company of Mr C D Boyce. Mr C D Boyce is eligible and
available for re-election.
3. Directors - to record the retirement by rotation as a Director of the
company of Mr R Hellings. Mr R Hellings is eligible and available for
re-election.
4. Directors' Fees - to increase total Directors' Fees to $310,000 per annum
to be divided between the Directors as they shall determine. Refer detailed
explanation overleaf.
5. Auditors - to record the appointment of the auditors, KPMG, and to
authorise the Board of Directors to fix their remuneration for the ensuing
year.
GENERAL BUSINESS
To consider any other business which may properly be brought before the
meeting.
5 August 2013
By order of the Board
B J LEE
ANNUAL MEETING OF SHAREHOLDERS
NOTICE OF MEETING
EXPLANATION OF DIRECTORS' FEES INCREASE
The current maximum level of Directors' Fees of $250,000 was approved at the
2005 Annual Meeting of shareholders. The Board seeks independent advice
before recommending to shareholders any increase in the maximum level of
Directors' Fees payable.
At the 2012 Annual Meeting the Shareholders Association representative
commented that the Directors' Fees have remained the same for a number of
years and indicated that the Directors may wish to consider the level of Fees
given the length of time elapsed.
The level of Directors' Fees has, as a result, been considered by the Board
and an independent assessment commissioned from Strategic Pay, a specialist
in this area.
As a result of this review the Directors are recommending:
1. The pool to increase from $250,000 to $310,000, being an adjustment to
reflect the rate of inflation for the period from 2005 to 2013 - an average
of approximately 2.5% inflation per annum. The $310,000 recommendation falls
below the $318,125 made by Strategic Pay, being their assessment of the
market median.
2. The pool will be increased annually by the Consumer Price Index (CPI).
3. Every three years the level of Directors' Fees will be reviewed by an
independent expert. The next such review will, therefore, be following the
year ended 30 April 2016 and included for approval by the shareholders at the
2016 Annual Meeting.
End CA:00239497 For:SCY Type:MEETING Time:2013-08-09 12:23:27
